3 Inspection Red Flags in Venice
Three Inspection Red Flags in Venice That Could Cost You
Quick Answer
In Venice, Florida, three major inspection red flags can derail your real estate deal: structural integrity issues, outdated electrical systems, and water damage. Florida Statute 553 governs building codes, and non-compliance can lead to costly repairs or even contract termination. For example, a client once discovered severe water damage during the inspection period, leading to a renegotiation of the purchase price. If such issues are uncovered late, you risk losing your deposit or facing significant delays. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
Structural Integrity Concerns
The problem of structural integrity is governed by Florida Statute 553, which outlines building code requirements. During an inspection, a client discovered that a property’s foundation was compromised, leading to a failed appraisal and a terminated contract. The consequence was a significant financial loss as the buyer had already invested in inspections and legal fees.
We started to talk to a couple who lived in one property, and they told us to call their realtor. One of the first things he said was that he wanted to get to know us, our desires, and our likes and dislikes. We ended up looking at three-bedroom properties instead of two, and the one we chose was beautifully renovated and move-in ready. I appreciated that he was patient and let me work through my decisions without pressure. It was a very professional experience, and he was not only technically competent but also emotionally supportive. He took the time to really get to know us, which is not something you always get from realtors.
– Verified Customer, Customer Review
Outdated Electrical Systems
Electrical systems must comply with current safety standards, as outlined by local building departments. In one transaction, outdated wiring was discovered during the inspection period, causing the lender to suspend the file until repairs were made. This delay forced the buyer to renegotiate the closing terms, resulting in unexpected costs and stress.
Water Damage and Mold
Water damage is a common issue in coastal areas like Venice, often leading to mold, which is a health hazard. A deal moment occurred when mold was found behind walls during a routine inspection, triggering an insurance denial. The buyer faced the choice of walking away or investing thousands in remediation, jeopardizing their deposit.
Where It Usually Blows Up
These issues typically surface during the inspection period, a critical stage where buyers can still back out without penalty. However, if discovered after this period, buyers may face severe financial losses, including losing their deposit or covering costly repairs. Sellers also risk having to relist the property, often at a reduced price, due to the disclosed issues.
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– boscom, Zillow Review
What I Tell Clients Before They Risk Money
- Inspect Thoroughly: Always conduct a comprehensive inspection to uncover hidden issues.
- Review Building Codes: Ensure the property complies with Florida Statute 553 to avoid legal troubles.
- Check Electrical Systems: Verify that all electrical systems meet current safety standards.
- Assess Water Damage: Look for signs of water damage and mold, especially in coastal properties.
- Negotiate Repairs: Use inspection findings to negotiate necessary repairs or price adjustments.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What happens if the inspection reveals major issues?
If major issues are found, you can negotiate repairs or a price reduction with the seller. However, if the issues are severe, you might decide to walk away, which could mean losing your deposit if discovered after the inspection period.
Can I still get insurance if there’s water damage?
Insurance companies often deny coverage for properties with existing water damage. This can lead to a contract termination if you can’t secure the necessary insurance to satisfy lender requirements.
What To Do Right Now
Schedule a professional inspection with a licensed inspector familiar with Venice properties.
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